iPhone Bug: Easily Bypass “Passcode Lock” Screen + Temporary Fix

MacDailyNews reported today that the iPhone Passcode Lock screen on the iPhone can be easily bypassed, allowing access to your Contacts, E-mail, Texts, etc. The problem is only introduced if you have the Home Button Double-Click setting set to Favorites (Settings > General > Home Button). So if you use the Passcode Lock (below, left) and you have the Home button set to Favorites, change it to iPod or Home (below, right) until Apple releases a fix.